Investors book profit ahead of RBI Monetary Policy Meeting, benchmark indices decline
According to an RBI release, "the Monetary Policy Committee (MPC) will meet on June 6 and 7, 2017 for the Second Bi-monthly Monetary Policy Statement for 2017-18. The resolution of the MPC will be placed on the website at 2.30 pm on June 7, 2017."
On Tuesday, the BSE Sensex fell 118.93 points to 31,190.56 while NSE Nifty fell 37.95 points to 9,637.15.
According to media reports, the Met Department, on Tuesday, has upgraded its monsoon rains forecast to 98 per cent of long-term period average from 96 per cent estimated in April.
The debate of counting of demonetised notes by the RBI continued on Tuesday.
According to media reports, the Congress President Sonia Gandhi alleged on Tuesday, " Till today, the government refuses to disclose how much of demonetised currency in circulation actually returned to banks."
On Monday, Union Finance Minister Arun Jaitley had said that the RBi will take a long time to complete counting the banned notes deposited post demonetisation which is to the tune of Rs 14-15 lakh crore, according to media reports.
The RBI cannot give any fixed timeline as to when the note counting will be completed, the minister said.
On Tuesday, some of the key stocks that gained were TCS, Infosys, Wipro, Dr Reddy's Labs and Adani Ports while Tata Motors, NTPC, ONGC, ITC and L&T declined.
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